JYVÄSKYLÄ – Scandinavian textile fibre innovator Spinnova will review opportunities to expand the licensing of its wood-based fibre technology to new customers as part of a review of its medium-to-long-term business plan as operational losses grow.
The review, which is accompanied by the appointment of a new CEO, sees the company contemplate whether it opts to invest in future manufacturing operations, in a bid to “create the most value” for its stakeholders.
Its latest half-year results show that while revenues increased to €8.8 million from €7.6 million in the previous year, its operating losses (EBIT) widened to just under €11 million from losses of €5.8 million in the same period last year.
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